Bitcoin Reserve: what if the BRICS gets ahead of the USA.

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Quote from: Lida93 on January 07, 2025, 04:40:56 PM

As the days locomotes more and more countries are considering taking same decision as El Salvador, and it's as though some of these countries are waiting for a major influential catalyst like the US before keying in. Hence, i was contemplating within about how should the BRICS go ahead before the US to adopt bitcoin as reserve while Trump is waiting for Congress validation.

Would it make a much positive drive on bitcoin price as we anticipate the market would be with the US? And at the level of the geopolitical-cum-economic war (we all know what's happening there between these two poles) what do you suggest could be the implication of such phenomenal action on the BRICS for nations who are already considering on adopting bitcoin? For what will this mean for the US!

If we look at the economic aspect, BRICS was born as an effort to break the dominance of the dollar because perhaps some countries see global economic policies that do not benefit them in the long term.
The level of war and geopolitics always play a role in the influence of strong countries and America positions itself as one that has the resources to take influence from several of these sectors.
Recently, the US has begun to consider bitcoin as a reserve and perhaps Trump's victory is a new chapter in bitcoin's journey there because indeed many countries are beginning to realize that bitcoin is able to maintain value compared to several other sectors.

The positive push for bitcoin will certainly develop much more and it is not only about the development of bitcoin itself in the US because I am sure that if BRICS develops more, the strategic reserve for bitcoin may also be a consideration for them later.

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Quote from: Gooner0 on January 09, 2025, 03:29:21 AM

Even if the BRICS gets ahead of the US , I don't see any negative impact this will be.
Every country has now learnt from what El Salvador is doing but my greatest fear is that if so many countries begin to plan on a Bitcoin strategic reserve then this would in one way or the other affect Bitcoin.
But nevertheless I don't know if it will be negative or positive impact.

What I think is that it doesn't matter who gets the strategic reserve first, whether US or the BRIC countries I doesn't change anything, what matters is who owns the biggest Bitcoin reserve and Trump made it clear during his campaign period that he wants US to be the country with the highest Bitcoin reserve therefore other countries can declare buying before them but it's who buys the most and holds the most that matters.

Anyways, I don't really think their would be would be a negative effect when other countries start buying after US or any other top economic power buys but am pretty sure it would make the coin more scarce and costly to purchase, I feel their would be more positive than negative effect since the price of Bitcoin would go higher making people holding before time to make lots of profits in future.

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Quote from: Oluwa-btc on February 03, 2025, 03:32:05 AM

They truly have their major focus and concern on the US Dollar.Although, everything starts with an idea and little efforts until it's completely achieved,They're not ready to reveal their intentions this early.
With the BRICS Fighting USA over the years, amidst other values and benefits,they made mention of it going to reduce overdependence on the dollar and promote economic cooperation among other nations.I just don't feel it to be true but at last we'll get to the end of this fight.

There is an interesting point when Trump's policy was made some time ago and it is certain that it will also be transmitted and have an impact on countries that join the Brics. The question is whether the crypto market will be shaken again like in the near future because we know that Crypto users are now not only in one region but almost all over the world, especially the high population rate and there are several Brics member countries.

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Quote from: moneystery on January 08, 2025, 08:10:51 AM

we understand that BRICS is more of an alliance and their main goal is to weaken the dominance of the US dollar in international trade and at the same time as a forum to strengthen the economy between members. so in general their focus is only to fight the dominance of the US dollar and the western bloc, they never mentioned anything related to making bitcoin a reserve, or anything else related to cryptocurrency.

even though in one scenario that one of the BRICS members makes a plan to make bitcoin a reserve, it goes back to the decision of the country and it is not part of the BRICS plan (_{and never will be}).

They truly have their major focus and concern on the US Dollar.Although, everything starts with an idea and little efforts until it's completely achieved,They're not ready to reveal their intentions this early.
With the BRICS Fighting USA over the years, amidst other values and benefits,they made mention of it going to reduce overdependence on the dollar and promote economic cooperation among other nations.I just don't feel it to be true but at last we'll get to the end of this fight.

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Quote from: Lida93 on January 27, 2025, 06:42:23 AM

The aims and reasons for the creation of the BRICS alliance is predominantly on de-linking from the influence of the US dollar on their economies and until they have reach their goal any distractions could make them seem unserious by others watching from the sidelines to make a decision about joining the alliance. And so I think right now their major attention will be on achieving this before anything else.

It's their biggest concern: DeDollarization. They are going to do this priority first, on top of their targets. Whether BRICS succeed or not, it's depend on DeDollarization and successful or failed launch and application of BRICS currency. So far, no detailed information on how a common BRICS currency looks like. This alliance still has a long time to succeed as some of nations in BRICS are joining other alliances too, and they like Saudi Arabia, Turkey can turn their heads oppositely to BRICS anytime.

Quote

Right now bitcoin is in the least of their worries to want to get ahead of America in making it a reserve when they haven't yet completely worked on a single currency for their international trades use but are all using respective country's currency, etc.

Maybe Bitcoin is not at bottom of their priority and to do lists but not on top. BRICS countries are aware that they can not control Bitcoin network so they will not have too big advantages by getting ahead of the USA in Bitcoin reserves.

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The aims and reasons for the creation of the BRICS alliance is predominantly on de-linking from the influence of the US dollar on their economies and until they have reach their goal any distractions could make them seem unserious by others watching from the sidelines to make a decision about joining the alliance. And so I think right now their major attention will be on achieving this before anything else. Right now bitcoin is in the least of their worries to want to get ahead of America in making it a reserve when they haven't yet completely worked on a single currency for their international trades use but are all using respective country's currency, etc.

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Quote from: Catenaccio on January 19, 2025, 07:38:27 AM

He will need to get support of Congress, Parliament, and maybe FED and weeks ago the FED chairman shown no interest on it. I can be wrong as FED is not governed by the USA. President, they are like an independent agency in the USA. In general, it's a big topic for discussions and get agreement because it's no joke with a National Reserve.
.

Fed is the central bank of the US and is considered an independent organization from the White House, not under the control of the White House but comply with the US Constitution and Congress is the only place with the authority to enforce the Constitution. So, to ask the Fed to change its stance on national reserves, Congress is the only body with the authority to do so.

But convincing Congress is a big deal because Democrats are part of Congress, even though Republicans control both houses in this year's elections. Not to mention, not all Republicans support bitcoin and that's why I never thought bitcoin reserves would become a reality.

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Quote from: davis196 on January 19, 2025, 02:19:46 AM

I can't see the BRICS countries creating BTC reserves anytime soon. China and India are pretty anti-crypto and this isn't going to change.
Russia has a more confusing position, when it comes to crypto. It's not a very crypto friendly country, but rumors say that Russia is using crypto payments to bypass certain western sanctions. Brazil and South Africa aren't very crypto friendly as well.
I think that the BRICS countries would become even more hostile towards crypto, if the USA becomes more crypto friendly and creates such BTC reserve. I still don't believe that the idea of a strategic BTC reserve is going to pass in the US Congress and Senate.

From India, I don't think we have even slightest chance of making BTC reserves anytime soon but we also known to follow the trends so if US BTC reserves become real then likely India will follow the same pattern too. If I am not wrong their anti crypto behaviour isn't a factor here because they are not gonna let the people to use the space only for the government benefits so they will be happy to accept with open arms that can make sure the stability of their economy.

If that happens that gives the moral hope to the people in country and encourage more towards adoption so either way the adoption is inevitable.

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Quote from: Swordsoffreedom on January 19, 2025, 04:09:06 AM

This is Trump's idea and if there is Bitcoin reserve then US should be the first country to do it, not only with BRICS but I think no country will have Bitcoin reserve before US. Most countries are just waiting to see what the US will do and they will follow because getting ahead of a superpower like the US is not a wise decision. Because if the US fails, this will severely impact bitcoin and they will suffer significant losses, so no country wants to risk taking the lead in this matter.

Everything starts with idea and intention to turn idea to something real. Trump as President Elect had great idea to use bitcoin as USA. National Reserve, and he is going to do it but we know, he can not do it by himself.

He will need to get support of Congress, Parliament, and maybe FED and weeks ago the FED chairman shown no interest on it. I can be wrong as FED is not governed by the USA. President, they are like an independent agency in the USA. In general, it's a big topic for discussions and get agreement because it's no joke with a National Reserve.

The USA. can raise this idea firstly but if they won't do it fastly, other nations can take this idea and make their national Bitcoin reserve as a first ever country ever do this historically.

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This is Trump's idea and if there is Bitcoin reserve then US should be the first country to do it, not only with BRICS but I think no country will have Bitcoin reserve before US. Most countries are just waiting to see what the US will do and they will follow because getting ahead of a superpower like the US is not a wise decision. Because if the US fails, this will severely impact bitcoin and they will suffer significant losses, so no country wants to risk taking the lead in this matter.

Quote from: davis196 on January 19, 2025, 02:19:46 AM

I still don't believe that the idea of a strategic BTC reserve is going to pass in the US Congress and Senate.

It's all just hype created by the community and people are delusional, I also believe no bitcoin reserve will be passed. Not all Republicans support Trump's idea, let alone Democrats, so the bill has little chance of passing Congress.

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I can't see the BRICS countries creating BTC reserves anytime soon. China and India are pretty anti-crypto and this isn't going to change.
Russia has a more confusing position, when it comes to crypto. It's not a very crypto friendly country, but rumors say that Russia is using crypto payments to bypass certain western sanctions. Brazil and South Africa aren't very crypto friendly as well.
I think that the BRICS countries would become even more hostile towards crypto, if the USA becomes more crypto friendly and creates such BTC reserve. I still don't believe that the idea of a strategic BTC reserve is going to pass in the US Congress and Senate.

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Quote from: Oluwa-btc on January 18, 2025, 02:14:47 AM

There's no way the BRICS will get ahead of the US Dollar.The impact of the BRICS still remains uncertain up till date and how do they intend to overthrow the US Dollar with their weak and unrealiable potentials.We've been hearing about the BRICS campaigning to dominate the US Dollar and the launching of their own currency but the BRICS efforts and potentials to dominate the US dollar is unlikely significant despite their Influence and force.

That's another issue, it has nothing to do with this topic. What OP is wondering is if BRICS had bitcoin reserves before the US how would that impact bitcoin as well as the US decision to have bitcoin reserves when the Fed has rejected the idea. We are not discussing BRICS de-dollarization.

By the way, whether BRICS can reduce their dependence on USD or not, let time tell because that is beyond our understanding. Just because you say it won't happen it won't happen, or I say it will happen it will happen. Don't be too quick to assert anything when talking about the future, especially things that are beyond our knowledge.

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Quote from: Oluwa-btc on January 18, 2025, 02:14:47 AM

We've been hearing about the BRICS campaigning to dominate the US Dollar and the launching of their own currency but the BRICS efforts and potentials to dominate the US dollar is unlikely significant despite their Influence and force.

the thing with brics is that they are hoping to dominate the us dollar but with what currency? since they are a group of countries they need a currency that will represent all of their countries and that’s hard to establish

they can’t use each of their currencies because for sure everyone would want their own currency to be the one to replace the us dollar i do not expect brics to work together as well as they expect themselves to work

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Quote from: shield132 on January 18, 2025, 03:45:40 AM

Quote from: Lida93 on January 07, 2025, 04:40:56 PM

Would it make a much positive drive on bitcoin price as we anticipate the market would be with the US?

If all of the BRICS countries get ahead of the USA and create Bitcoin reserves, then it will have a more positive effect on the market but individually, the US can influence the market the most. I think that positive drive depends on how much money they plan to invest too.

All I look forward to is what is best for bitcoin growth and its ecosystem not minding from whence, BRICS or the USA.

Quote from: shield132 on January 18, 2025, 03:45:40 AM

Quote from: Gooner0 on January 09, 2025, 03:29:21 AM

Every country has now learnt from what El Salvador is doing but my greatest fear is that if so many countries begin to plan on a Bitcoin strategic reserve then this would in one way or the other affect Bitcoin.

Maybe small and poor countries learnt from El Salvador that it's a good idea to invest in Bitcoin but for big countries, El Salvador is not a good lesson because they are very different. Even for small countries, it's not risk-free to copy El Salvador's strategy. If any small country invests a lot, then they are taking a big risk for millions of citizens, the reward also isn't very big. Even El Salvador buys 1 BTC per day, which won't make this country rich. I think that this step of investing in Bitcoin was taken to increase the marketing of the country because many newspapers and websites have written and are still writing lots of articles about El Salvador.

If a well acknowledged country like the USA had came in earlier before El Salvador many other countries wouldn't be showing this hesitation they are giving in adopting bitcoin because it as reserve or legal tender use. El Salvador lacks that influence within the international community to sway and affect the decisions of other nations as would have the US.

Whether or not that El Salvador took the hold step to constantly invest in bitcoin to merchandise itself I don't know but reality is that they did what other bigger and most influencial countries like the US and others couldn't do at the time. And that's why they deserve all credits given to them by the media and newspapers.

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Quote from: Lida93 on January 07, 2025, 04:40:56 PM

Would it make a much positive drive on bitcoin price as we anticipate the market would be with the US?

If all of the BRICS countries get ahead of the USA and create Bitcoin reserves, then it will have a more positive effect on the market but individually, the US can influence the market the most. I think that positive drive depends on how much money they plan to invest too.

Quote from: Gooner0 on January 09, 2025, 03:29:21 AM

Every country has now learnt from what El Salvador is doing but my greatest fear is that if so many countries begin to plan on a Bitcoin strategic reserve then this would in one way or the other affect Bitcoin.

Maybe small and poor countries learnt from El Salvador that it's a good idea to invest in Bitcoin but for big countries, El Salvador is not a good lesson because they are very different. Even for small countries, it's not risk-free to copy El Salvador's strategy. If any small country invests a lot, then they are taking a big risk for millions of citizens, the reward also isn't very big. Even El Salvador buys 1 BTC per day, which won't make this country rich. I think that this step of investing in Bitcoin was taken to increase the marketing of the country because many newspapers and websites have written and are still writing lots of articles about El Salvador.

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There's no way the BRICS will get ahead of the US Dollar.The impact of the BRICS still remains uncertain up till date and how do they intend to overthrow the US Dollar with their weak and unrealiable potentials.We've been hearing about the BRICS campaigning to dominate the US Dollar and the launching of their own currency but the BRICS efforts and potentials to dominate the US dollar is unlikely significant despite their Influence and force.

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Quote from: betswift on January 09, 2025, 02:22:33 AM

Quote from: pooya87 on January 09, 2025, 02:14:29 AM

I believe that there is a high chance that a competition could form between various countries in the world to buy the most amount of bitcoin in the near future if US government actually starts adding bitcoin to its reserves. In which case BRICS nations would be part of that competition and add bitcoin to their "reserve basket" which already includes a lot (gold, oil, gas, lithium).

I don't think that's a good thing though. Such a competition could raise the price significantly (to da moon) but it can come with very high volatility and at some massive market manipulation by government entities that have vast amount of money and power to ruin the market...

Would they be able to get as much of it though?
The ones who would be the first - maybe, but all the others wouldn't be so reluctant, in my opinion, once Bitcoin would breach 500k-1 mil, and so on.
So it's really up to the US if such a trend would sparkle.

Why wouldn't they be able to get as many bitcoins? China alone would be able to buy more bitcoin than US can ever buy. And China is only one of the members of BRICS. Price would be irrelevant for governments, it is not like it would reach $1 mil overnight. They'll have enough time and trillions at their disposal to buy it.

That's the scary thing about the "competition" I talked about. Do we really want centralized governments start buying bitcoin and accumulating it creating shortage in the market and then gaining a massive control over it? I don't think so. At least not at this stage (pre-mass-adoption).

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Even if the BRICS gets ahead of the US , I don't see any negative impact this will be.
Every country has now learnt from what El Salvador is doing but my greatest fear is that if so many countries begin to plan on a Bitcoin strategic reserve then this would in one way or the other affect Bitcoin.
But nevertheless I don't know if it will be negative or positive impact.

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Quote from: criptoevangelista on January 08, 2025, 06:35:30 AM

For me, they have been doing this move for a long time. I heard a story from a multimillionaire bitcoiner that he was already selling part of his coins to Black Rock in 2017. In other words, the whole movement is already happening well in advance of the official announcement. For me, the US and other countries may already have some reserves of bitcoins from many years ago, but they are only now touching on this subject.

Blackrock is a global asset management company headquartered in New York, they have no relationship with any government or central bank. Anyone who sells them bitcoins or they buy bitcoins or any other asset is only for their business purposes.

Second: national reserves are a very important thing and any changes need to be proposed, discussed and approved. No agency or government does it arbitrarily and without regulation.

Bitcoin is just an emerging asset class in the world, we don't need to hype things up more than necessary. Bitcoin reserves are just an idea, a rumor, and Bitcoins are not so important that governments should secretly and frantically buy them.

It has been reported that: the US Department of Justice has reportedly received court approval to sell $6.5 billion worth of bitcoins it seized from Silk Road. It seems like they are desperate to sell them and have been waiting for it for a long time, don't think they are quietly accumulating them for years. They don't care about bitcoin as much as we think.

https://x.com/tier10k/status/1877176406905356670

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You're worried that BRICS will get ahead of the USA in making a BTC reserve? OK, let's see:

- China is the ultimate Bitcoin hater and will never touch cryptocurrencies with a 10 foot pole
- Russia is too busy fighting a war in Ukraine and is not going to just leave money in some vault that could be used to procure weapons and ammunition to keep fighting them
- Iran has the same problem, but with Israel

So that leave only Brazil and South Africa which if we're being honest have nowhere near the amount of Bitcoins that the USA government is holding, if any.

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Quote from: pooya87 on January 09, 2025, 02:14:29 AM

I believe that there is a high chance that a competition could form between various countries in the world to buy the most amount of bitcoin in the near future if US government actually starts adding bitcoin to its reserves. In which case BRICS nations would be part of that competition and add bitcoin to their "reserve basket" which already includes a lot (gold, oil, gas, lithium).

I don't think that's a good thing though. Such a competition could raise the price significantly (to da moon) but it can come with very high volatility and at some massive market manipulation by government entities that have vast amount of money and power to ruin the market...

Would they be able to get as much of it though?
The ones who would be the first - maybe, but all the others wouldn't be so reluctant, in my opinion, once Bitcoin would breach 500k-1 mil, and so on.
So it's really up to the US if such a trend would sparkle.

pooya87

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I believe that there is a high chance that a competition could form between various countries in the world to buy the most amount of bitcoin in the near future if US government actually starts adding bitcoin to its reserves. In which case BRICS nations would be part of that competition and add bitcoin to their "reserve basket" which already includes a lot (gold, oil, gas, lithium).

I don't think that's a good thing though. Such a competition could raise the price significantly (to da moon) but it can come with very high volatility and at some massive market manipulation by government entities that have vast amount of money and power to ruin the market...

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Quote from: Fiatless on January 08, 2025, 06:58:37 AM

The more nations that consider this move, the higher the price of Bitcoin go.

Have you thought of the opposite scenario? Bitcoin will benefit and increase in price when many countries propose to reserve Bitcoin but Bitcoin will also suffer and be heavily dumped if this proposal fails. There is no guarantee that this idea will come to fruition as most of those countries' central banks have already rejected the idea.

Quote from: Fiatless on January 08, 2025, 06:58:37 AM

The US already has more Bitcoin than other countries and they also have the funds to buy as much as they can. Therefore, the US is already ahead of these nations in the Bitcoin reserve race. BRICS nations have not considered using Bitcoin as a common currency or reserve. The organization came up with BRICS Pay to facilitate trade payments between member states.

The bitcoins the US holds from Silk Road are held by the US Department of Justice, it has nothing to do with the Fed and I don't think US law allows for the use of seized assets as national reserves. So if they want to build a bitcoin reserve, they need to use government money and start from zero like other countries. They are just the first country to come up with this idea, they are not ahead of any other country because they have not started implementing this idea yet.

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Quote from: tbct_mt2 on January 08, 2025, 06:02:02 AM

Quote from: Lida93 on January 07, 2025, 04:40:56 PM

Would it make a much positive drive on bitcoin price as we anticipate the market would be with the US? And at the level of the geopolitical-cum-economic war (we all know what's happening there between these two poles) what do you suggest could be the implication of such phenomenal action on the BRICS for nations who are already considering on adopting bitcoin? For what will this mean for the US!

Why do you compare BRICS with many nations and only one country, the USA?

BRICS have allies so comparison has to be BRICS allies and another ally with USA is part of it. If BRICS is uncertain with its success, I think it is too far to concern about what will happen with Bitcoin reserves for nations in BRICS.

The US allies you want to hear is NATO, right? Well it's simple to note that USA is NATO and NATO is USA because they are the one country which gives that alliance the esteemed relevance it possesses. However, I will avoid to dwell on that politics because that's not what the thread treats but bitcoin with the possibility of adoption as reserve, and so we should keep it that way.

Secondly, what's this about including the US allies to the discuss, is it US allies that are pushing for a bitcoin strategic reserve or it's just the US as a sovereign entity?
The idea behind the creation of the BRICS was to achieve a delink of those countries involved from the use of the US dollar against the stronghold/dominance it has on their countries economy and local currency. It wasn't about NATO since there are NATO countries that doesn't use the US dollar but euro (€).

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we understand that BRICS is more of an alliance and their main goal is to weaken the dominance of the US dollar in international trade and at the same time as a forum to strengthen the economy between members. so in general their focus is only to fight the dominance of the US dollar and the western bloc, they never mentioned anything related to making bitcoin a reserve, or anything else related to cryptocurrency.

even though in one scenario that one of the BRICS members makes a plan to make bitcoin a reserve, it goes back to the decision of the country and it is not part of the BRICS plan (_{and never will be}).

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Quote from: Lida93 on January 07, 2025, 04:40:56 PM

Would it make a much positive drive on bitcoin price as we anticipate the market would be with the US? And at the level of the geopolitical-cum-economic war (we all know what's happening there between these two poles) what do you suggest could be the implication of such phenomenal action on the BRICS for nations who are already considering on adopting bitcoin? For what will this mean for the US!

The more nations that consider this move, the higher the price of Bitcoin go. The US already has more Bitcoin than other countries and they also have the funds to buy as much as they can. Therefore, the US is already ahead of these nations in the Bitcoin reserve race. BRICS nations have not considered using Bitcoin as a common currency or reserve. The organization came up with BRICS Pay to facilitate trade payments between member states.

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Quote from: criptoevangelista on January 08, 2025, 06:35:30 AM

For me, they have been doing this move for a long time. I heard a story from a multimillionaire bitcoiner that he was already selling part of his coins to Black Rock in 2017. In other words, the whole movement is already happening well in advance of the official announcement. For me, the US and other countries may already have some reserves of bitcoins from many years ago, but they are only now touching on this subject.

Maybe you are right, but we would never know.
Alas, only after the US would be serious in its intentions and actions, other big countries would follow suite.
If not, we would probably see more from smaller countries then.

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Quote from: Yaunfitda on January 08, 2025, 05:59:15 AM

So if BRICS decided to get ahead, then there could be a race between them and the US as for who will have stockpile of Bitcoin. But it doesn't mean though that the winner could be in control. It's interesting scenario, but in the end, it's a win-win scenario for Bitcoin holders.

If look into the names of countries in BRICS, there only two countries that are slowly becoming economic power house. The first is China, which might become an economic power house in a decade time shadowing the US and the next is India. They are the ones with big population and a bigger market. They both are the ones who hate Bitcoin and other crypto because they believe it is used mainly for money laundering. They both have already started rolling out CBDC for thier general population. If these two countries come out with a regulation then only others will follow. As of now there nothing in news or in papers about it

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For me, they have been doing this move for a long time. I heard a story from a multimillionaire bitcoiner that he was already selling part of his coins to Black Rock in 2017. In other words, the whole movement is already happening well in advance of the official announcement. For me, the US and other countries may already have some reserves of bitcoins from many years ago, but they are only now touching on this subject.

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Quote from: Lida93 on January 07, 2025, 04:40:56 PM

Would it make a much positive drive on bitcoin price as we anticipate the market would be with the US? And at the level of the geopolitical-cum-economic war (we all know what's happening there between these two poles) what do you suggest could be the implication of such phenomenal action on the BRICS for nations who are already considering on adopting bitcoin? For what will this mean for the US!

What this will mean for the US is that it will be a competition for them. Bitcoin is the revolution in financial system and the US can't afford to lose that competition. If BRICS countries adopt Bitcoin and the USA will see this as a threat, then the USA will adopt it better. The US has much more resources than BRICS countries, except China, China is a country capable of building many great things but we shouldn't underestimate that there is a Japan and South Korea on US's side. I talk about Asian countries because they are very advanced in technologies, I've been in Tokyo and I was literally shocked.

Quote from: pakhitheboss on January 08, 2025, 05:21:00 AM

These 5 countries Brazil, Russia, India, China, and South Africa (BRICS) are not going to declare Bitcoin as their reserve before the US. They are more focused on economic stability and are trying to reduce their reliance on USD. BRICS have been trying to get their reserve currencies but India is not agreeing on the terms as it supports Yuan. Moreover, these 5 countries except Russia are upcoming economic giants and they are plenty of foreign reserves and less debt than the US.

Economic stability is more important for the United States because their currency is the global currency, one mistake and the empire can fall, which will be very hard to rebuild again. BRICS countries, compared to USA, can afford riskier steps in economy. What will Brazil lose if they create a strategic Bitcoin reserves? Not much, compared with the US.

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Quote from: Lida93 on January 07, 2025, 04:40:56 PM

Would it make a much positive drive on bitcoin price as we anticipate the market would be with the US? And at the level of the geopolitical-cum-economic war (we all know what's happening there between these two poles) what do you suggest could be the implication of such phenomenal action on the BRICS for nations who are already considering on adopting bitcoin? For what will this mean for the US!

Why do you compare BRICS with many nations and only one country, the USA?

BRICS have allies so comparison has to be BRICS allies and another ally with USA is part of it. If BRICS is uncertain with its success, I think it is too far to concern about what will happen with Bitcoin reserves for nations in BRICS. They can go faster or slower than the USA and another ally but when the race kicks off, nations with bigger economic size can do it better if they change their national vision and policies, they can speed up their Bitcoin adoption and Bitcoin reserves very easily.

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Quote from: pakhitheboss on January 08, 2025, 05:21:00 AM

These 5 countries Brazil, Russia, India, China, and South Africa (BRICS) are not going to declare Bitcoin as their reserve before the US. They are more focused on economic stability and are trying to reduce their reliance on USD. BRICS have been trying to get their reserve currencies but India is not agreeing on the terms as it supports Yuan. Moreover, these 5 countries except Russia are upcoming economic giants and they are plenty of foreign reserves and less debt than the US.

Yeah, we've known that they wanted to get away from USD as they don't want heavily rely because their economy will be affected by the US itself. So in short, any shift of monetary policies by the US will affect them. Or the other hand, US or at least Trump's administration now is talking about making Bitcoin as a national reserve. And if doing so, BRICS will be trap or put in the corner again. So if BRICS decided to get ahead, then there could be a race between them and the US as for who will have stockpile of Bitcoin. But it doesn't mean though that the winner could be in control. It's interesting scenario, but in the end, it's a win-win scenario for Bitcoin holders.

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Quote from: Btcalysis on January 08, 2025, 04:57:06 AM

You do not need to talk about BRICS. Just talk about the rest of the world. There are many nations which are not part of BRICS that are considering having bitcoin reserve. United States is not the first country that started having bitcoin reserve. I expect more countries to begin having bitcoin reserve which will help in the adoption.

What're you talking about?
Well emphatically, the Brics as comprised of just few countries has deemed 1st classes global economy in exploration and that's why there has been the pin of the economy wars Op is referring Which has been within the circle of the Brics and the USA.
And a lot they have influences the bitcoin blockchain in facilitations of it adoptiona too. Why so much believe the word lyes on the US?
Unto you Op, I think Question I get to ask too What if the decline of the US economy Chairman from the proposal of the Donald Trump to adopt bitcoin for national reserve was a political game with the political promises that he'd make bitcoin an Fed economy reserve during his just to grab his votes and supports the adoption of bitcoin?
Then I think it'd be a setback hopping and anticipating on this of both geopolitical regions.
Let who's ready take the lead and based on their perspective globally influences they'd both trigger massive adoptions.

pakhitheboss

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These 5 countries Brazil, Russia, India, China, and South Africa (BRICS) are not going to declare Bitcoin as their reserve before the US. They are more focused on economic stability and are trying to reduce their reliance on USD. BRICS have been trying to get their reserve currencies but India is not agreeing on the terms as it supports Yuan. Moreover, these 5 countries except Russia are upcoming economic giants and they are plenty of foreign reserves and less debt than the US.

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Interesting scenario! Though if BRICS were to get ahead of the US I could also see a 180 happening on their current stance, with steps taken against Bitcoin to devalue BRICS' Bitcoin reserves. Then again most nations learned at this point that the fight against Bitcoin is an uphill battle so that doesn't seem all too likely.

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Quote from: Btcalysis on January 08, 2025, 04:57:06 AM

You do not need to talk about BRICS. Just talk about the rest of the world. There are many nations which are not part of BRICS that are considering having bitcoin reserve. United States is not the first country that started having bitcoin reserve. I expect more countries to begin having bitcoin reserve which will help in the adoption.

Every nation after the US would think twice about Bitcoin - after all, it's the prestige, the possibility, and the potential worth considering.
Nothing strange there, but I don't see BRICS moving faster than US. Simply to the structure of the organization.

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You do not need to talk about BRICS. Just talk about the rest of the world. There are many nations which are not part of BRICS that are considering having bitcoin reserve. United States is not the first country that started having bitcoin reserve. I expect more countries to begin having bitcoin reserve which will help in the adoption.

Lida93

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In the past weeks we have heard in the news about Donald Trump intent to make bitcoin a strategic reserve for the USA and also how the US Fed Reserve chair Jerome Powell had to make a counter statement against Trump's purported move by saying the US Fed reserve isn't allowed by law to hold bitcoin as reserve (subject to congressional ratification)

As the days locomotes more and more countries are considering taking same decision as El Salvador, and it's as though some of these countries are waiting for a major influential catalyst like the US before keying in. Hence, i was contemplating within about how should the BRICS go ahead before the US to adopt bitcoin as reserve while Trump is waiting for Congress validation.

Would it make a much positive drive on bitcoin price as we anticipate the market would be with the US? And at the level of the geopolitical-cum-economic war (we all know what's happening there between these two poles) what do you suggest could be the implication of such phenomenal action on the BRICS for nations who are already considering on adopting bitcoin? For what will this mean for the US!

Topic: Bitcoin Reserve: what if the BRICS gets ahead of the USA. (Read 424 times)